Saxo Bank slashes brokerage fees up to 87% for US trades, and 62% for ASX, making international trading more affordable with reduced currency conversion fees.
Leading forex broker Saxo Bank has announced a substantial reduction in brokerage fees for its clients, unveiling cuts of up to 87% for US market trades and up to 62% for trades on the ASX.
According to Adam Smith, CEO of Saxo Australia, this adjustment translates to remarkably low trading fees, potentially reaching USD 1 for US equities, GBP 3 for UK equities, and AUD 3 for local ASX trades.
The fee reduction extends beyond equities, encompassing various financial instruments such as Exchange Traded Funds, Exchange Traded Products, Listed Options, and Futures. For instance, traders dealing with AUD-denominated futures contracts could experience savings of up to 70%.
This ASIC-regulated broker has also cut currency conversion fees by two-thirds to make international trading more affordable, now standing at just 0.25%. This reduction allows the clients to manage funds across 11 different currency sub-accounts efficiently.
Adam Smith highlighted this global multi-asset broker's commitment to promoting investment, especially in the current economic climate. He stated, "By making prices more competitive in the markets we operate in, especially the ASX, we aim to make it more accessible for both new and existing clients to invest and remain invested in financial markets."
This forex broker news positions Saxo Bank as a compelling choice for cost-effective and accessible trading solutions in the evolving financial landscape.
In recent Saxo Bank news, Saxo Bank appoints Tara Tyanas as its new Head of Go-to-Market for the MENA, UK, and Switzerland.